Seating supplier Adient has announced a Q3 net loss of $325m and a loss of $3.46 per share.
Adjusted EBITDA was a loss of $122m, down $327m year on year after a $400m hit from COVID-19.
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"Adient's financial results improved sequentially by month as the quarter progressed and operations in the Americas and EMEA restarted," the supplier said.
Adient said it successfully restarted operations in Europe and the Americas in the third quarter.
"The playbook used for the successful restart of operations in China, which began in Q2 and reached pre-COVID levels during Q3, provided the framework for the Europe and Americas restarts.
"Revenue within Europe and the Americas has progressed from almost zero in April to c.75% of pre-COVID levels as we exited the third quarter.
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By GlobalData"We expect continued progress throughout the fourth quarter. In Asia, excluding China, the region continues to ramp up production based on customers' schedules."
The supplier added: "Building on the trend established exiting Q3, Adient expects vehicle production across Americas and Europe to improve sequentially
in the coming months. Since [our] financial results are highly dependent on and correlated to vehicle production, we expect financial performance will also trend higher in the coming months."
It forecast revenue of $3.3-$3.5bn, and adjusted EBITDA of $180m-$200m.
Q3 revenue was $1.6bn, down 61% year on year.
